v3.24.0.1
Effects of Regulation (Tables)
 12 Months Ended
Dec. 31, 2023
Regulated Generating Units to be Retired
PlantNet Book ValueAccelerated Depreciation Regulatory AssetCost of Removal
Regulatory Liability		Projected
Retirement Date		Current Authorized
Recovery Period		Annual
Depreciation (a)
(dollars in millions)
Northeastern Plant, Unit 3$104.5 $164.2 $20.5 (b)2026(c)$15.0 
Welsh Plant, Units 1 and 3352.0 125.6 58.2 (d)2028(e)(f)38.6 
(a)Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period.
(b)Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with the removal of Northeastern Plant, Unit 3, after retirement.
(c)Northeastern Plant, Unit 3 is currently being recovered through 2040.
(d)Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with the removal of Welsh Plant, Units 1 and 3, after retirement.
(e)Represents projected retirement date of coal assets, units are being evaluated for conversion to natural gas after 2028.
(f)Unit 1 is being recovered through 2027 in the Louisiana jurisdiction and through 2037 in the Arkansas and Texas jurisdictions. Unit 3 is being recovered through 2032 in the Louisiana jurisdiction and through 2042 in the Arkansas and Texas jurisdictions.
Regulatory Assets
AEP
December 31,Remaining Recovery Period
20232022
Current Regulatory Assets(in millions)
Under-recovered Fuel Costs - earns a return$357.4 $625.7 1 year
Under-recovered Fuel Costs - does not earn a return62.7 588.5 1 year
Unrecovered Winter Storm Fuel Costs - earns a return (a)93.9 95.8 1 year
Total Current Regulatory Assets$514.0 $1,310.0 
Noncurrent Regulatory Assets
Regulatory assets pending final regulatory approval:
Regulatory Assets Currently Earning a Return
Welsh Plant, Units 1 and 3 Accelerated Depreciation$125.6 $85.6 
Pirkey Plant Accelerated Depreciation114.4 116.5 
Unrecovered Winter Storm Fuel Costs (a)60.1 84.6 
Other Regulatory Assets Pending Final Regulatory Approval49.8 68.9 
Total Regulatory Assets Currently Earning a Return349.9 355.6 
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs408.9 407.1 
2020-2022 Virginia Triennial Under-Earnings— 37.9 
Other Regulatory Assets Pending Final Regulatory Approval78.5 81.5 
Total Regulatory Assets Currently Not Earning a Return487.4 526.5 
Total Regulatory Assets Pending Final Regulatory Approval837.3 882.1 
Regulatory assets approved for recovery:
Regulatory Assets Currently Earning a Return
Plant Retirement Costs - Unrecovered Plant (b)664.2 689.9 23 years
Long-term Under-recovered Fuel Costs - West Virginia291.5 — 11 years
Storm-Related Costs170.9 8.4 5 years
Plant Retirement Costs - Asset Retirement Obligation Costs110.8 110.6 19 years
Long-term Under-recovered Fuel Costs - Virginia107.0 223.3 2 years
Unrecovered Winter Storm Fuel Costs (a)99.3 148.6 4 years
Fuel Mine Closure Costs - Texas74.3 — 12 years
Pirkey Plant Accelerated Depreciation - Louisiana65.8 63.0 9 years
Rockport Plant Dry Sorbent Injection System and Selective Catalytic Reduction46.9 56.6 5 years
Kentucky Deferred Purchased Power Expenses43.5 53.0 4 years
Ohio Basic Transmission Cost Rider42.2 14.3 2 years
Plant Retirement Costs - Unrecovered Plant, Dolet Hills Power Station, Louisiana40.8 45.1 9 years
Texas Mobile Temporary Emergency Electric Energy Facilities Rider33.4 — 2 years
Environmental Control Projects31.4 33.9 17 years
Meter Replacement Costs23.5 34.2 4 years
Long-term Under-recovered Fuel Costs - Oklahoma— 252.7 
Other Regulatory Assets Approved for Recovery101.4 125.0 various
Total Regulatory Assets Currently Earning a Return1,946.9 1,858.6 
Regulatory Assets Currently Not Earning a Return
Pension and OPEB Funded Status1,054.1 975.4 12 years
Plant Retirement Costs - Asset Retirement Obligation Costs330.2 308.5 19 years
Unrealized Loss on Forward Commitments131.4 40.1 9 years
Unamortized Loss on Reacquired Debt97.2 104.1 25 years
Fuel and Purchased Power Adjustment Rider68.3 76.3 2 years
Cook Plant Nuclear Refueling Outage Levelization55.7 81.2 2 years
OVEC Purchased Power50.1 — 2 years
Plant Retirement Costs - Unrecovered Plant, Texas48.7 51.7 23 years
Storm-Related Costs38.5 11.9 2 years
2020-2022 Virginia Triennial Under Earnings37.4 — 4 years
Ohio Enhanced Service Reliability Plan35.3 33.3 2 years
Ohio Distribution Investment Rider35.3 2.3 2 years
Postemployment Benefits30.6 32.1 3 years
Peak Demand Reduction/Energy Efficiency23.9 41.7 3 years
Other Regulatory Assets Approved for Recovery271.5 262.7 various
Total Regulatory Assets Currently Not Earning a Return2,308.2 2,021.3 
Total Regulatory Assets Approved for Recovery4,255.1 3,879.9 
Total Noncurrent Regulatory Assets$5,092.4 $4,762.0 
(a)See “February 2021 Severe Winter Weather Impacts in SPP” section of SWEPCo Rate Matters in Note 4 for additional information.
(b)Northeastern Plant, Unit 3 is approved for recovery through 2040, but expected to retire in 2026. PSO records a regulatory asset for accelerated depreciation. See “Regulated Generating Units to be Retired” section above for additional information.
AEP Texas
December 31,Remaining
Recovery
Period
Regulatory Assets:20232022
(in millions)
Noncurrent Regulatory Assets
Regulatory assets pending final regulatory approval:
Regulatory Assets Currently Earning a Return
Texas Mobile Generation Lease Payments$— $17.6 
Total Regulatory Assets Currently Earning a Return— 17.6 
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs37.7 26.7 
Line Inspection Costs5.7 4.5 
Vegetation Management Program5.2 5.2 
Texas Retail Electric Provider Bad Debt Expense4.0 4.1 
Other Regulatory Assets Pending Final Regulatory Approval11.7 8.9 
Total Regulatory Assets Currently Not Earning a Return64.3 49.4 
Total Regulatory Assets Pending Final Regulatory Approval64.3 67.0 
Regulatory assets approved for recovery:
Regulatory Assets Currently Earning a Return
Texas Mobile Temporary Emergency Electric Energy Facilities Rider33.4 — 2 years
Meter Replacement Costs9.4 16.1 2 years
Other Regulatory Assets Approved for Recovery0.7 1.4 various
Total Regulatory Assets Currently Earning a Return43.5 17.5 
Regulatory Assets Currently Not Earning a Return
Pension and OPEB Funded Status183.2 173.2 12 years
Peak Demand Reduction/Energy Efficiency9.2 11.9 2 years
Vegetation Management Program6.8 12.1 2 years
Storm-Related Costs4.3 8.5 2 years
Other Regulatory Assets Approved for Recovery4.0 8.1 various
Total Regulatory Assets Currently Not Earning a Return207.5 213.8 
Total Regulatory Assets Approved for Recovery251.0 231.3 
Total Noncurrent Regulatory Assets$315.3 $298.3 
AEPTCo
December 31,Remaining
Recovery
Period
Regulatory Assets:20232022
(in millions)
Noncurrent Regulatory Assets
Regulatory assets approved for recovery:
Regulatory Assets Currently Not Earning a Return
PJM/SPP Annual Formula Rate True-up$3.1 $7.2 2 years
Total Regulatory Assets Approved for Recovery3.1 7.2 
Total Noncurrent Regulatory Assets$3.1 $7.2 
APCo
December 31,Remaining
Recovery
Period
Regulatory Assets:20232022
(in millions)
Current Regulatory Assets
Under-recovered Fuel Costs - earns a return$147.4 $180.7 1 year
Under-recovered Fuel Costs - does not earn a return8.0 292.4 1 year
Total Current Regulatory Assets$155.4 $473.1 
Noncurrent Regulatory Assets
Regulatory assets pending final regulatory approval:
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval$0.6 $7.0 
Total Regulatory Assets Currently Earning a Return0.6 7.0 
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - West Virginia91.5 72.6 
Plant Retirement Costs - Asset Retirement Obligation Costs25.9 25.9 
2020-2022 Virginia Triennial Under-Earnings— 37.9 
Other Regulatory Assets Pending Final Regulatory Approval7.5 1.1 
Total Regulatory Assets Currently Not Earning a Return124.9 137.5 
Total Regulatory Assets Pending Final Regulatory Approval125.5 144.5 
Regulatory assets approved for recovery:
Regulatory Assets Currently Earning a Return
Long-term Under-recovered Fuel Costs - West Virginia154.2 — 11 years
Long-term Under-recovered Fuel Costs - Virginia107.0 223.3 2 years
Plant Retirement Costs - Unrecovered Plant72.0 75.6 20 years
Other Regulatory Assets Approved for Recovery7.1 0.4 various
Total Regulatory Assets Currently Earning a Return340.3 299.3 
Regulatory Assets Currently Not Earning a Return
Plant Retirement Costs - Asset Retirement Obligation Costs324.7 303.1 15 years
Pension and OPEB Funded Status115.8 108.3 12 years
Unamortized Loss on Reacquired Debt70.7 74.4 22 years
2020-2022 Virginia Triennial Under-Earnings37.4 — 4 years
Virginia Transmission Rate Adjustment Clause25.5 18.7 2 years
Unrealized Loss on Forward Commitments21.9 — 3 years
Peak Demand Reduction/Energy Efficiency15.0 15.8 3 years
Postemployment Benefits14.9 13.7 3 years
Vegetation Management Program - West Virginia12.9 13.7 2 years
Excess SO2 Allowance Inventory - Virginia
11.8 — 9 years
Virginia Generation Rate Adjustment Clause10.9 8.0 2 years
Virginia Clean Economy Act8.0 16.7 2 years
2017-2019 Virginia Triennial Under-Earnings2.3 30.1 1 year
Other Regulatory Assets Approved for Recovery17.5 12.3 various
Total Regulatory Assets Currently Not Earning a Return689.3 614.8 
Total Regulatory Assets Approved for Recovery1,029.6 914.1 
Total Noncurrent Regulatory Assets$1,155.1 $1,058.6 
I&M
December 31,Remaining
Recovery
Period
Regulatory Assets:20232022
(in millions)
Current Regulatory Assets
Under-recovered Fuel Costs, Michigan - earns a return$14.8 $9.0 1 year
Under-recovered Fuel Costs, Indiana - does not earn a return— 38.1 
Total Current Regulatory Assets$14.8 $47.1 
Noncurrent Regulatory Assets
Regulatory assets pending final regulatory approval:
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval$0.2 $0.1 
Total Regulatory Assets Currently Earning a Return0.2 0.1 
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - Indiana29.7 21.6 
Other Regulatory Assets Pending Final Regulatory Approval3.3 2.0 
Total Regulatory Assets Currently Not Earning a Return33.0 23.6 
Total Regulatory Assets Pending Final Regulatory Approval33.2 23.7 
Regulatory assets approved for recovery:
Regulatory Assets Currently Earning a Return
Plant Retirement Costs - Unrecovered Plant122.5 147.0 5 years
Rockport Plant Dry Sorbent Injection System and Selective Catalytic Reduction46.9 56.6 5 years
Cook Plant Uprate Project22.9 25.3 10 years
Deferred Cook Plant Life Cycle Management Project Costs - Michigan, FERC11.1 12.1 11 years
Cook Plant Turbine - Indiana8.4 9.0 15 years
Other Regulatory Assets Approved for Recovery17.5 20.6 various
Total Regulatory Assets Currently Earning a Return229.3 270.6 
Regulatory Assets Currently Not Earning a Return
Cook Plant Nuclear Refueling Outage Levelization55.7 81.2 2 years
Pension and OPEB Funded Status25.4 26.9 12 years
Excess SO2 Allowance Inventory - Indiana
14.8 — 5 years
Unamortized Loss on Reacquired Debt11.8 12.9 25 years
Environmental Cost Rider - Indiana8.1 6.6 2 years
Postemployment Benefits7.0 7.7 3 years
Demand Side Management - Indiana— 10.3 
Other Regulatory Assets Approved for Recovery21.0 19.7 various
Total Regulatory Assets Currently Not Earning a Return143.8 165.3 
Total Regulatory Assets Approved for Recovery373.1 435.9 
Total Noncurrent Regulatory Assets$406.3 $459.6 
OPCo
December 31,Remaining
Recovery
Period
Regulatory Assets:20232022
(in millions)
Current Regulatory Assets
Under-recovered Fuel Costs - does not earn a return$— $3.8 1 year
Total Current Regulatory Assets$— $3.8 
Noncurrent Regulatory Assets
Regulatory assets pending final regulatory approval:
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs$23.6 $33.8 
Total Regulatory Assets Pending Final Regulatory Approval23.6 33.8 
Regulatory assets approved for recovery:
Regulatory Assets Currently Earning a Return
Ohio Basic Transmission Cost Rider42.2 14.3 2 years
Ohio Distribution Decoupling1.8 19.5 2 years
Ohio Economic Development Rider— 1.1 
Total Regulatory Assets Currently Earning a Return44.0 34.9 
Regulatory Assets Currently Not Earning a Return
Pension and OPEB Funded Status147.1 142.7 12 years
Unrealized Loss on Forward Commitments50.8 40.0 9 years
OVEC Purchased Power50.1 — 2 years
Ohio Enhanced Service Reliability Plan35.3 33.3 2 years
Ohio Distribution Investment Rider35.3 2.3 2 years
Storm-Related Costs30.9 — 1 year
Smart Grid Costs26.3 25.4 2 years
Other Regulatory Assets Approved for Recovery11.6 14.9 various
Total Regulatory Assets Currently Not Earning a Return387.4 258.6 
Total Regulatory Assets Approved for Recovery431.4 293.5 
Total Noncurrent Regulatory Assets$455.0 $327.3 
PSO
December 31,Remaining
Recovery
Period
20232022
Regulatory Assets:(in millions)
Current Regulatory Assets
Under-recovered Fuel Costs - earns a return$118.3 $178.7 1 year
Total Current Regulatory Assets$118.3 $178.7 
Noncurrent Regulatory Assets
Regulatory assets pending final regulatory approval:
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs$88.5 $25.5 
Other Regulatory Assets Pending Final Regulatory Approval0.2 0.1 
Total Regulatory Assets Pending Final Regulatory Approval88.7 25.6 
Regulatory assets approved for recovery:
Regulatory Assets Currently Earning a Return
Plant Retirement Costs - Unrecovered Plant (a)254.1 240.6 23 years
Storm-Related Costs26.2 8.4 5 years
Environmental Control Projects22.5 23.9 17 years
Meter Replacement Costs14.1 18.1 4 years
Long-term Under-recovered Fuel Costs - Oklahoma— 252.7 
Other Regulatory Assets Approved for Recovery8.4 9.1 various
Total Regulatory Assets Currently Earning a Return325.3 552.8 
Regulatory Assets Currently Not Earning a Return
Pension and OPEB Funded Status62.6 55.2 12 years
Unrealized Loss on Forward Commitments29.9 — 2 years
Other Regulatory Assets Approved for Recovery16.2 20.1 various
Total Regulatory Assets Currently Not Earning a Return108.7 75.3 
Total Regulatory Assets Approved for Recovery434.0 628.1 
Total Noncurrent Regulatory Assets$522.7 $653.7 

(a)Northeastern Plant, Unit 3 is approved for recovery through 2040, but expected to retire in 2026. PSO records a regulatory asset for accelerated depreciation. See “Regulated Generating Units to be Retired” section above for additional information.
SWEPCo
December 31,Remaining
Recovery
Period
20232022
Regulatory Assets:(in millions)
Current Regulatory Assets
Under-recovered Fuel Costs - earns a return (a)$76.9 $257.2 1 year
Unrecovered Winter Storm Fuel Costs - earns a return (b)93.9 95.8 1 year
Total Current Regulatory Assets$170.8 $353.0 
Noncurrent Regulatory Assets
Regulatory assets pending final regulatory approval:
Regulatory Assets Currently Earning a Return
Welsh Plant, Units 1 and 3 Accelerated Depreciation$125.6 $85.6 
Pirkey Plant Accelerated Depreciation114.4 116.5 
Unrecovered Winter Storm Fuel Costs (b)60.1 84.6 
Dolet Hills Power Station Accelerated Depreciation (c)12.0 9.7 
Other Regulatory Assets Pending Final Regulatory Approval26.0 34.5 
Total Regulatory Assets Currently Earning a Return338.1 330.9 
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - Louisiana, Texas56.0 151.5 
Asset Retirement Obligation - Louisiana— 11.8 
Other Regulatory Assets Pending Final Regulatory Approval13.7 16.0 
Total Regulatory Assets Currently Not Earning a Return69.7 179.3 
Total Regulatory Assets Pending Final Regulatory Approval407.8 510.2 
Regulatory assets approved for recovery:
Regulatory Assets Currently Earning a Return
Storm-Related Costs - Louisiana144.7 — 2 years
Unrecovered Winter Storm Fuel Costs (b)99.3 148.6 4 years
Fuel Mine Closure Costs - Texas74.3 — 12 years
Pirkey Plant Accelerated Depreciation - Louisiana65.8 63.0 9 years
Plant Retirement Costs - Unrecovered Plant, Arkansas44.4 13.1 19 years
Plant Retirement Costs - Unrecovered Plant, Dolet Hills Power Station - Louisiana40.8 45.1 9 years
Environmental Controls Projects8.9 10.0 9 years
Plant Retirement Costs - Unrecovered Plant, Welsh Plant, Unit 2 - Louisiana— 35.2 
Other Regulatory Assets Approved for Recovery4.9 6.8 various
Total Regulatory Assets Currently Earning a Return483.1 321.8 
Regulatory Assets Currently Not Earning a Return
Pension and OPEB Funded Status109.2 96.2 12 years
Plant Retirement Costs - Unrecovered Plant, Texas48.7 51.7 23 years
North Central Wind Rider20.2 6.4 2 years
Plant Retirement Costs - Unrecovered Plant, Arkansas17.3 21.1 4 years
Unrealized Loss on Forward Commitments15.4 — 2 years
Other Regulatory Assets Approved for Recovery30.1 35.0 various
Total Regulatory Assets Currently Not Earning a Return240.9 210.4 
Total Regulatory Assets Approved for Recovery724.0 532.2 
Total Noncurrent Regulatory Assets$1,131.8 $1,042.4 

(a)Amounts include Arkansas and Texas jurisdictions.
(b)See “February 2021 Severe Winter Weather Impacts in SPP” section of SWEPCo Rate Matters in Note 4 for additional information.
(c)Amounts include the FERC jurisdiction.
Regulatory Liabilities
AEP
December 31,Remaining
20232022Refund Period
Current Regulatory Liabilities(in millions)
Over-recovered Fuel Costs - pays a return$3.3 $1.4 1 year
Over-recovered Fuel Costs - does not pay a return23.2 — 1 year
Total Current Regulatory Liabilities$26.5 $1.4 
Noncurrent Regulatory Liabilities and
Deferred Investment Tax Credits
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (a)$103.1 $149.7 
Total Regulatory Liabilities Currently Paying a Return103.1 149.7 
Regulatory Liabilities Currently Not Paying a Return
FERC 2021 Transmission Formula Rate Challenge Refunds103.1 — 
Other Regulatory Liabilities Pending Final Regulatory Determination1.7 4.1 
Total Regulatory Liabilities Currently Not Paying a Return104.8 4.1 
Total Regulatory Liabilities Pending Final Regulatory Determination207.9 153.8 
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Asset Removal Costs3,563.5 3,392.4 (b)
Income Taxes, Net (a)2,179.7 2,504.5 (c)
Rockport Plant, Unit 2 Accelerated Depreciation for Leasehold Improvements44.9 53.8 5 years
Other Regulatory Liabilities Approved for Payment35.0 32.7 various
Total Regulatory Liabilities Currently Paying a Return5,823.1 5,983.4 
Regulatory Liabilities Currently Not Paying a Return
Excess Nuclear Decommissioning Funding1,721.9 1,318.5 (d)
Deferred Investment Tax Credits154.5 237.3 31 years
Spent Nuclear Fuel47.6 45.8 (d)
2017-2019 Virginia Triennial Revenue Provision37.1 39.1 26 years
Demand Side Management31.3 15.7 2 years
Over-recovered Fuel Costs - Ohio26.1 32.2 9 years
PJM Transmission Enhancement Refund22.8 34.1 2 years
PJM Costs and Off-system Sales Margin Sharing - Indiana14.1 34.2 2 years
OVEC Purchased Power— 47.1 
Unrealized Gain on Forward Commitments— 45.2 
Other Regulatory Liabilities Approved for Payment96.0 129.2 various
Total Regulatory Liabilities Currently Not Paying a Return2,151.4 1,978.4 
Total Regulatory Liabilities Approved for Payment7,974.5 7,961.8 
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits$8,182.4 $8,115.6 

(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(b)Relieved as removal costs are incurred.
(c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $228 million and $277 million for the years ended December 31, 2023 and 2022, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2023 is to be refunded over 5 years.
(d)Relieved when plant is decommissioned.
AEP Texas
December 31,Remaining
Refund
Period
Regulatory Liabilities:20232022
(in millions)
Noncurrent Regulatory Liabilities and
Deferred Investment Tax Credits
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (a)$13.0 $13.0 
Total Regulatory Liabilities Currently Paying a Return13.0 13.0 
Regulatory Liabilities Currently Not Paying a Return
Other Regulatory Liabilities Pending Final Regulatory Determination1.5 1.8 
Total Regulatory Liabilities Currently Not Paying a Return1.5 1.8 
Total Regulatory Liabilities Pending Final Regulatory Determination14.5 14.8 
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Asset Removal Costs797.1 766.8 (b)
Income Taxes, Net (a)412.0 431.6 (c)
Other Regulatory Liabilities Approved for Payment3.8 4.3 various
Total Regulatory Liabilities Currently Paying a Return1,212.9 1,202.7 
Regulatory Liabilities Currently Not Paying a Return
Transition and Restoration Charges26.6 29.4 6 years
Other Regulatory Liabilities Approved for Payment7.4 12.7 various
Total Regulatory Liabilities Currently Not Paying a Return34.0 42.1 
Total Regulatory Liabilities Approved for Payment1,246.9 1,244.8 
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits$1,261.4 $1,259.6 

(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(b)Relieved as removal costs are incurred.
(c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets.
AEPTCo
December 31,Remaining
Refund
Period
Regulatory Liabilities:20232022
(in millions)
Noncurrent Regulatory Liabilities
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (a) $8.7 $8.7 
Total Regulatory Liabilities Pending Final Regulatory Determination8.7 8.7 
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Asset Removal Costs466.3 358.8 (b)
Income Taxes, Net (a)308.7 355.8 (c)
Total Regulatory Liabilities Approved for Payment775.0 714.6 
Total Noncurrent Regulatory Liabilities$783.7 $723.3 

(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(b)Relieved as removal costs are incurred.
(c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $13 million and $16 million for the years ended December 31, 2023 and 2022, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2023 is to be refunded over 5 years.
APCo
December 31,Remaining
Refund
Period
Regulatory Liabilities:20232022
(in millions)
Noncurrent Regulatory Liabilities and
Deferred Investment Tax Credits
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (a)$7.9 $30.5 
Total Regulatory Liabilities Currently Paying a Return7.9 30.5 
Regulatory Liabilities Currently Not Paying a Return
FERC 2021 Transmission Formula Rate Challenge Refunds19.7 — 
Total Regulatory Liabilities Currently Not Paying a Return19.7 — 
Total Regulatory Liabilities Pending Final Regulatory Determination27.6 30.5 
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Asset Removal Costs759.6 713.5 (b)
Income Taxes, Net (a) 240.1 291.3 (c)
Deferred Investment Tax Credits0.3 0.3 30 years
Total Regulatory Liabilities Currently Paying a Return1,000.0 1,005.1 
Regulatory Liabilities Currently Not Paying a Return
2017-2019 Virginia Triennial Revenue Provision37.1 39.1 26 years
Over-recovered Deferred Wind Power Costs - Virginia2.6 13.6 2 years
Unrealized Gain on Forward Commitments— 34.5 
Other Regulatory Liabilities Approved for Payment14.6 20.8 various
Total Regulatory Liabilities Currently Not Paying a Return54.3 108.0 
Total Regulatory Liabilities Approved for Payment1,054.3 1,113.1 
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits
$1,081.9 $1,143.6 

(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(b)Relieved as removal costs are incurred.
(c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $35 million and $19 million for the years ended December 31, 2023 and 2022, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2023 is to be refunded over 5 years.
I&M
December 31,Remaining
Refund
Period
Regulatory Liabilities:20232022
(in millions)
Current Regulatory Liabilities
Over-recovered Fuel Costs, Indiana - does not pay a return$23.2 $— 1 year
Total Current Regulatory Liabilities$23.2 $— 
Noncurrent Regulatory Liabilities and
Deferred Investment Tax Credits
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (a) (b)$(103.0)$(87.7)
Total Regulatory Liabilities Currently Paying a Return(103.0)(87.7)
Regulatory Liabilities Currently Not Paying a Return
FERC 2021 Transmission Formula Rate Challenge Refunds22.8 — 
Total Regulatory Liabilities Currently Not Paying a Return22.8 — 
Total Regulatory Liabilities Pending Final Regulatory Determination(80.2)(87.7)
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Asset Removal Costs168.1 170.7 (c)
Income Taxes, Net (a)116.8 168.6 (d)
Renewable Energy Surcharge - Michigan26.6 23.2 2 years
Other Regulatory Liabilities Approved for Payment0.1 3.0 various
Total Regulatory Liabilities Currently Paying a Return311.6 365.5 
Regulatory Liabilities Currently Not Paying a Return
Excess Nuclear Decommissioning Funding1,721.9 1,318.5 (e)
Spent Nuclear Fuel47.6 45.8 (e)
Demand Side Management - Indiana16.7 — 2 years
Deferred Investment Tax Credits15.8 17.4 27 years
PJM Costs and Off-system Sales Margin Sharing - Indiana14.1 34.2 2 years
Other Regulatory Liabilities Approved for Payment4.8 8.5 various
Total Regulatory Liabilities Currently Not Paying a Return1,820.9 1,424.4 
Total Regulatory Liabilities Approved for Payment2,132.5 1,789.9 
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits$2,052.3 $1,702.2 

(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(b)Represents an income tax related regulatory asset, which is presented within net regulatory liabilities on the balance sheet.
(c)Relieved as removal costs are incurred.
(d)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $25 million and $42 million for the years ended December 31, 2023 and 2022, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2023 is to be refunded over 5 years.
(e)Relieved when plant is decommissioned.
OPCo
December 31,Remaining
Refund
Period
20232022
Regulatory Liabilities:(in millions)
Noncurrent Regulatory Liabilities and
Deferred Investment Tax Credits
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Not Paying a Return
FERC 2021 Transmission Formula Rate Challenge Refunds$57.0 $— 
Other Regulatory Liabilities Pending Final Regulatory Determination0.2 0.2 
Total Regulatory Liabilities Pending Final Regulatory Determination57.2 0.2 
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Asset Removal Costs475.5 466.5 (a)
Income Taxes, Net (b)408.2 451.9 (c)
Total Regulatory Liabilities Currently Paying a Return883.7 918.4 
Regulatory Liabilities Currently Not Paying a Return
Over-recovered Fuel Costs26.1 32.2 9 years
Peak Demand Reduction/Energy Efficiency23.2 23.6 2 years
PJM Transmission Enhancement Refund9.8 14.7 2 years
OVEC Purchased Power— 47.1 
Other Regulatory Liabilities Approved for Payment3.6 7.8 various
Total Regulatory Liabilities Currently Not Paying a Return62.7 125.4 
Total Regulatory Liabilities Approved for Payment946.4 1,043.8 
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits$1,003.6 $1,044.0 

(a)Relieved as removal costs are incurred.
(b)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(c)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $132 million and $162 million for the years ended December 31, 2023 and 2022, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2023 is to be refunded over 5 years.
PSO
December 31,Remaining
Refund
Period
20232022
Regulatory Liabilities:(in millions)
Noncurrent Regulatory Liabilities and
Deferred Investment Tax Credits
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (a)$— $51.3 
Total Regulatory Liabilities Currently Paying a Return— 51.3 
Regulatory Liabilities Currently Not Paying a Return
FERC 2021 Transmission Formula Rate Challenge Refunds1.2 — 
Total Regulatory Liabilities Currently Not Paying a Return1.2 — 
Total Regulatory Liabilities Pending Final Regulatory Determination1.2 51.3 
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (a)395.7 380.1 (b)
Asset Removal Costs317.5 316.3 (c)
Total Regulatory Liabilities Currently Paying a Return713.2 696.4 
Regulatory Liabilities Currently Not Paying a Return
Deferred Investment Tax Credits47.2 48.2 18 years
Other Regulatory Liabilities Approved for Payment4.0 13.2 various
Total Regulatory Liabilities Currently Not Paying a Return51.2 61.4 
Total Regulatory Liabilities Approved for Payment764.4 757.8 
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits
$765.6 $809.1 

(a)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(b)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets. Excess ADIT that is Not Subject to Rate Normalization Requirements were $51 million and $21 million for the years ended December 31, 2023 and 2022, respectively. The remaining balance of Excess ADIT that is Not Subject to Rate Normalization Requirements as of December 31, 2023 is to be refunded over 1 year.
(c)Relieved as removal costs are incurred.
SWEPCo
December 31,Remaining
Refund
Period
20232022
Regulatory Liabilities:(in millions)
Current Regulatory Liabilities
Over-recovered Fuel Costs - pays a return (a)$3.3 $1.4 1 year
Total Current Regulatory Liabilities$3.3 $1.4 
Noncurrent Regulatory Liabilities and
Deferred Investment Tax Credits
Regulatory liabilities pending final regulatory determination:
Regulatory Liabilities Currently Paying a Return
Income Taxes, Net (b)$7.0 $7.0 
Total Regulatory Liabilities Pending Final Regulatory Determination7.0 7.0 
Regulatory liabilities approved for payment:
Regulatory Liabilities Currently Paying a Return
Asset Removal Costs443.2 481.2 (c)
Income Taxes, Net (b)292.4 327.6 (d)
Other Regulatory Liabilities Approved for Payment4.4 2.2 various
Total Regulatory Liabilities Currently Paying a Return740.0 811.0 
Regulatory Liabilities Currently Not Paying a Return
Other Regulatory Liabilities Approved for Payment9.1 7.7 various
Total Regulatory Liabilities Currently Not Paying a Return9.1 7.7 
Total Regulatory Liabilities Approved for Payment749.1 818.7 
Total Noncurrent Regulatory Liabilities and Deferred Investment Tax Credits$756.1 $825.7 

(a)Amounts include Louisiana jurisdiction.
(b)Predominately pays a return due to the inclusion of Excess ADIT in rate base.
(c)Relieved as removal costs are incurred.
(d)Refunded over the period for which the related deferred income tax reverse, which is generally based on the expected life for the underlying assets. Excess ADIT Associated with Certain Depreciable Property is refunded over the remaining depreciable life of the underlying assets.